December 3, 2012 / 5:10 AM / in 5 years

BOJ committed to easy policy on condition no long-term risks -Shirakawa

TOKYO, Dec 3 (Reuters) - Bank of Japan Governor Masaaki Shirakawa stressed that the central bank is committed to loosening monetary policy aggressively on condition there is no substantial risk to sustainable economic growth such as a buildup of imbalances.

“In order to deliver sustainable economic growth under price stability, central banks must have a very long time horizon,” Shirakawa said at a seminar in Tokyo on Monday.

He also said that central banks must not look to markets for guidance about what they should do, suggesting that the BOJ will not act just because market expectations of imminent monetary easing heighten.

“While central banks should have deep respect for financial markets ... they should be willing to stand up to the market from time to time,” he said.

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